How can I payoff a 180,000 student loan debt with a 30,000 per year income?

Answer 1

It all depends on your personal situation. Do you live at home? Do you rent? How much do you need just to survive each month? Are you paying interest yet on the loan? You also need to consider your future - saving money and making contributions to an IRA and 401(k). You can deduct the interest on the loan against your taxes (reduce your taxable income.) Pay off what you can each month without having to starve yourself.

Answer 2

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Answer 3

Since you can't discharge this debt in bankruptcy you will need to find a way. If you have not already done so, look into a loan consolidation. Sallie Mae - a former quasi-governmental agency - has a web site chock full of information on low cost consolidations as well as forebearance, forgiveness, etc. It is the biggest student loan lender in the country.

You obviously either need to earn more or get some of the debt reduced. Service in certain governmental agencies like the Corporation for National & Community Service
AmeriCorps & VISTA or the peace corps can reduce your total indebtedness.

Otherwise you are going to have to go on a very strict budget and perhaps get a second job until you get a handle on the problem.

Answer 4

Almost sure that you must find every financial clarification at: loaninstantsolutions.us-

RE How can I payoff a 180,000 student loan debt with a 30,000 per year income?

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Answer 5

It all depends on the interest rate you're paying and the length of the loan. That's why I can offer you no definitive advice. The best thing would maybe to comparison-shop for a debt consolidation loan, at the below website

Answer 6

If you paid 180K for your education either you have advanced degrees or you went to expensive private schools, right? Keep looking for higher paying jobs! The credentials you have should support that.

What options do you have to make more money? What field are you in? $30K is barely enough to live on, much less pay off a massive debt. Consider this job just an experience-getting job, not a career- keep your eyes open for better paying alternatives- self-employment on the side might be worth considering.

Check this out: http://www.soyouwanna.com/site/syws/loans/loansfull.html

Often it takes an entrepeneurial spirit to cash in on a good education with good annual salaries. Consider doing public speaking and writing to augment your salary.

This book is excellent: How To Position Yourself As The Obvious Expert: http://www.obvious-expert.com/

Also this one: How To Make A Million As A Speaker. http://www.amazon.com/Money-Talks-Make-Million-Speaker/dp/0070696152

Answer 7

You can't. You must earn more income to have a reasonable chance to pay this off.

You can request a forbearance, but you ultimately will need much higher income to be able to make the minimum payments on that amount of student loan debt.

Answer 8

You must choose to live a bit frugally for a period of time, till you get a higher paying job. There are ways to increase how much you pay towards your debt every month and if you use the same formula on the webpage below, you can calculate how long it would take to pay it off, and cut many many years and thousands in interest off of your repayment.

Answer 9

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Answer 10

Live with your parents, and send all your money to them... have it paid in about 6-10 years depending on interest!!!lol